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Tax Glossary
What Is “ Assessment ”?
What Is an Assessment? In the world of taxes, an assessment is the official recording of a tax liability on...
Tax Glossary
What Is “ Administrative waiver ”?
What Is an Administrative Waiver? An administrative waiver is an official policy or action taken by the IRS to relieve...
Tax Glossary
What Is the “Actual home office expense method”?
What Is the Actual Home Office Expense Method? The actual home office expense method is a way to calculate your...
Tax Glossary
What Is “Accuracy-related penalty”?
What Is “Accuracy-related penalty”? An accuracy-related penalty is a fee the IRS charges when you underpay your taxes because you...
Tax Glossary
What Is “Accrual method”?
What Is the Accrual Method? The accrual method is an accounting practice where you report income in the tax year...
Tax Glossary
What Is “Accounting period”?
What Is an Accounting Period? An accounting period is a specific span of time covered by a set of financial...
Tax Glossary
What Is “Accounting method”?
What Is an Accounting Method? An accounting method is a set of rules used to determine when a taxpayer reports...
Tax Glossary
What Is a “ Tax preparer ”?
What Is a Tax Preparer? A tax preparer is a professional qualified to calculate, file, and sign income tax returns...
Tax Glossary
What Is “ Safe harbor rule ”?
What Is the Safe Harbor Rule? A safe harbor rule is a legal provision that protects you from a penalty...
Tax Glossary
What Is “ Self-employment income ”?
Self-employment income is the money you earn by working for yourself as a freelancer, independent contractor, or small business owner,...